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Elon Musk
Joe Skipper | Reuters
(This story is for CNBC PRO subscribers only.)
Adam Jonas, an automotive analyst widely followed by Morgan Stanley, has upgraded Tesla to an overweight rating equivalent to the purchase after standing on the sidelines for the stock’s 500% rise in the past 12 months.
Jonas raised his price target to $ 540 from $ 360. The new target represents a 22% gain since Tuesday’s close. The stock was up 8% on Tuesday after finally getting the nod to join the S&P 500 and was up 3% in premarket trading Wednesday following the call from Morgan Stanley.
Here’s how Jonas explained his rethinking:
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